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IRE Announces Sale of Summit Storage Center in Erie, PA

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June 17, 2019

Locally owned and operated Investment Real Estate, LLC announces the sale of Summit Storage Center for an undisclosed amount to Red Dot Storage, a private investment group out of Colorado. Summit Storage Center is located on Peach Street in Waterford, just five miles south of Erie, PA in Summit Township.

The facility opened in 1995, and offers a mix of over 370 traditional drive up and interior access storage units totaling more than 45,000 NRSF. Summit Storage Center is comprised of just over four acres of
B2 business zoned land. The property is comprised of ten buildings with an on-site rental office, and was 74% occupied at the time of sale. Summit Storage Center is located along the highly traveled US-19 with daily traffic counts exceeding 10,000 vehicles per day giving the facility excellent visibility.

George Hatchard, Brokerage Advisor for Investment Real Estate, says, “IRE started a relationship with owners Larry and Gloria New many years ago, and when it was time to sell, we got the call. The level of communication between buyer and seller in a self storage transaction, plays an important role in determining its outcome. We pride ourselves on our ability to bring all parties together for a smooth transaction from start to finish. This transaction was made easy by the teamwork and collaboration

between each member of Team Summit and the Red Dot acquisition team.”

The property has been maintained at the highest level with virtually zero deferred maintenance. Summit Storage Center features an attractive website, a social media presence, security cameras, perimeter fencing and an electronic keypad access gate.

The seller, Monica New Morris, commented, “I was incredibly impressed with both George Hatchard and IRE. We received several offers for our storage facility within days of listing it for sale. George has a deep knowledge of the industry and gave us excellent guidance throughout the transaction. I would highly recommend George and IRE.”

ABOUT INVESTMENT REAL ESTATE, LLC

Since our inception in 1998, we have specialized solely in the self storage industry. In fact, we are one of the very few companies in the United States who can offer you a plethora of brokerage and feasibility services, as well as decades of experience in self storage construction, development and property management. Our brokerage team handles transactions for buyers and sellers encompassing single properties to multi-million dollar portfolios. Our company remains locally owned and operated and is guided by the core values of doing the right thing for our clients; being enthusiastic, energetic, tenacious and competitive; driving the miles, working hard and smart; having fun; and being caring, compassionate and authentic. For more information, please visit https://irellc.com.



Contact:
Jess Dubbs, Director of Marketing
10 Bentzel Mill Road, York, PA 17404 P: 717-779-0804
E: jdubbs@irellc.com

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